Europe’s new financial markets chief signals differences with US over financial regulation

Europe’s new financial markets chief signals differences with US over financial regulation

BRUSSELS (AP) – Europe’s new financial services chief signaled differences with the U.S. over how to overhaul banking regulations, saying he wants binding rules on pay and rejecting as wrong for Europe President Barack Obama’s plans to limit banks’ size and risky trading.

In his first press conference since taking office, Frenchman Michel Barnier said he wants “binding rules on remuneration throughout the financial sector.”

He didn’t give a time frame for making detailed proposals, which would have to be approved by EU governments and the European parliament.